AICPA IFRS for SMEs-US GAAP Comparison Tool

  • United States Image
  • IFRS for SMEs (mid blue) Image

03 Apr 2010

The American Institute of CPAs (AICPA) staff have developed an IFRS for SMEs–US GAAP Comparison Tool, which is being added to collaboratively by those who use the tool.

AICPA technical staff monitor and review the additions. Here is the AICPA's description:

The purpose of this Wiki is to provide a detailed and comprehensive comparison of the International Accounting Standards Board's International Financial Reporting Standard for Small-and Medium-Sized Entities ('IFRS for SMEs') with corresponding requirements of United States generally accepted accounting principles ('US GAAP'). But this is more than just a comparison resource, it is a Wiki. That means it is a collaborative, ongoing work in progress for anyone to contribute and use.

This Wiki is intended to be a rich resource. The AICPA Accounting Standards team decided to introduce the comparison resource during its development stage to help you learn and to learn ourselves about the similarities and differences between IFRS for SMEs and US GAAP. Anyone preparing financial statements under IFRS for SMEs in the United States and anyone interested in the differences between the two sets of accounting standards will find this comparison resource valuable.

The comparison resource will cover all sections of IFRS for SMEs. Disclosure requirements of the IFRS for SMEs sections are excluded. As the AICPA completes sections, it will add the information to the Wiki. The AICPA Accounting standards team welcomes anyone with an interest in and knowledge of IFRS for SMEs and US GAAP to read the Wiki and contribute.

Inasmuch as this Resource is a work-in-progress, the completeness and accuracy of the content varies from section to section. True to the wiki platform, the AICPA looks to AICPA members and the accounting profession to complete, correct, and improve upon the work begun by the Accounting Standards team. Sources of authoritative literature should be consulted when preparing or reporting upon financial statements.

As more fully explained [on the Wiki website], contributions to the Wiki will be monitored and reviewed by AICPA technical staff. It is expected that after all sections of the comparison resource are introduced and exposed for review and editing, the resource will be maintained and updated periodically by the AICPA.

Click here to access the AICPA IFRS for SMEs – US GAAP Comparison Tool (

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.